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The fund of funds manager's ninth dedicated secondaries fund will target more than its previous fund, according to a source.
The investment management and advisory firm is making secondaries fund purchases in agriculture as part of its entry into the sector.
The Hong Kong-based firm's fundraising comes amid heightened interest in Asian secondaries.
Dallas-Fort Worth International Airport Retirement System previously invested $5 million in Permal Private Equity Opportunities IV.
Working towards a $5.5bn target, the firm expects to wrap up its latest fundraising in the autumn. Lousiana's state pension is one of the investors.
Why cash-rich LPs are a problem and other themes European advisors are buzzing about.
The London firm is targeting twice as much as it raised for its previous secondaries fund.
The fund is currently in the midst of fundraising and is targeting $2.5bn.
Funds closing in the first half of 2015 have raised on average 50 percent more capital compared to a year earlier.
The Madrid-based firm has targeted Spanish-only investors for its latest secondaries vehicle, which is almost half invested.